JPMorgan Chase & Co. Has Lowered Expectations for NewJersey Resources (NYSE:NJR) Stock Price

Key Points

• JPMorgan lowered its price target for NewJersey Resources from $64 to $63 while maintaining an “overweight” rating, implying approximately 17.7% upside from the reported $53.52 share price.
• Analyst sentiment remains generally positive, with an average “Buy” rating and a consensus price target of $58.57, although Wells Fargo downgraded the stock to “equal weight” and cut its target to $61.
• NewJersey Resources exceeded quarterly expectations, reporting $0.11 in earnings per share versus a $0.06 consensus estimate and $349.18 million in revenue, up 16.8% year over year.

NewJersey Resources (NYSE:NJR - Get Free Report) had its price target decreased by analysts at JPMorgan Chase & Co. from $64.00 to $63.00 in a report issued on Friday, Benzinga reports. The firm presently has an "overweight" rating on the utilities provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 17.70% from the stock's current price.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $63.00 to $61.00 in a research note on Wednesday, August 5th. Weiss Ratings cut NewJersey Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Finally, Argus set a $63.00 price target on NewJersey Resources in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $58.57.

NewJersey Resources Stock Up 0.3%

NYSE:NJR traded up $0.18 during mid-day trading on Friday, hitting $53.52. 140,553 shares of the company's stock were exchanged, compared to its average volume of 594,625. The company has a market cap of $5.43 billion, a PE ratio of 14.79, a P/E/G ratio of 2.98 and a beta of 0.50. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. NewJersey Resources has a one year low of $43.46 and a one year high of $60.86. The business has a fifty day moving average price of $56.21 and a 200 day moving average price of $55.73.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. NewJersey Resources's revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.15) EPS. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Equities analysts predict that NewJersey Resources will post 3.59 EPS for the current year.

Insider Activity

In other news, COO Patrick Migliaccio sold 3,000 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the completion of the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at $1,791,397.26. This trade represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On NewJersey Resources

A number of institutional investors have recently bought and sold shares of NJR. Measured Wealth Private Client Group LLC acquired a new stake in NewJersey Resources during the third quarter valued at $28,000. Root Financial Partners LLC raised its holdings in NewJersey Resources by 56.5% in the 1st quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider's stock worth $29,000 after purchasing an additional 190 shares during the period. Essential Partners LLC boosted its position in NewJersey Resources by 67.3% during the second quarter. Essential Partners LLC now owns 686 shares of the utilities provider's stock worth $38,000 after purchasing an additional 276 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in NewJersey Resources by 118.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 933 shares of the utilities provider's stock valued at $43,000 after purchasing an additional 505 shares during the period. Finally, CENTRAL TRUST Co grew its holdings in NewJersey Resources by 172.7% in the first quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider's stock valued at $45,000 after purchasing an additional 518 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Company Profile

New Jersey Resources Corporation NYSE: NJR is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.